The capital of a credit union shall consist of the regular and any other reserve accounts, the undivided earnings and any other earnings accounts, allowances for loss accounts. A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan towards the liquidation of said member's indebtedness. A credit union may, upon the resignation or expulsion of a member, cancel the shares of such member and apply the withdrawal value of such shares first towards the liquidation of said member's indebtedness. A credit union may charge an entrance or membership fee as may be provided in the bylaws.Codes, 1930, § 4247; 1942, § 5408; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 20; reenacted and amended, Laws, 1995, ch. 374, § 20; reenacted without change, Laws, 1997, ch. 368, § 19; reenacted without change, Laws, 2001, ch. 408, § 19, eff. 7/1/2001.
Mississippi Legal Code